KB Home Authorizes $500M Stock Buyback

TL;DR

KB HOME just authorized a $500M stock buyback, signaling confidence and aiming to boost shareholder value.

AI Summary

KB Home announced on April 18, 2024, that its Board of Directors has authorized a new stock repurchase program, allowing the company to buy back up to $500 million of its common stock through April 2026. This action reflects the company's confidence in its financial position and its commitment to returning value to shareholders.

Why It Matters

This significant stock repurchase authorization signals KB Home's financial strength and its strategy to enhance shareholder value by reducing the number of outstanding shares.

Risk Assessment

Risk Level: low — The filing is a routine announcement of a stock repurchase program, which is a common corporate finance action and does not indicate immediate operational or financial distress.

Key Numbers

• $500M — Stock Repurchase Authorization (Amount authorized for KB Home to buy back its common stock.)
• April 2026 — Repurchase Program Expiration (The date through which the stock repurchase program is authorized to continue.)

Key Players & Entities

• KB Home (company) — Registrant
• $500 million (dollar_amount) — Stock repurchase authorization
• April 2026 (date) — Expiration of stock repurchase program
• April 18, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $1.00 — ch registered Common Stock (par value $1.00 per share) KBH New York Stock Exchang

Filing Documents

• kbh-20240418.htm (8-K) — 57KB
• kbhomeby-lawsapril182024.htm (EX-3.2) — 148KB
• 0000795266-24-000084.txt ( ) — 413KB
• kbh-20240418.xsd (EX-101.SCH) — 2KB
• kbh-20240418_def.xml (EX-101.DEF) — 16KB
• kbh-20240418_lab.xml (EX-101.LAB) — 27KB
• kbh-20240418_pre.xml (EX-101.PRE) — 25KB
• kbh-20240418_htm.xml (XML) — 4KB

03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. (a) Amended and Restated By-Laws. On April 18, 2024, the board of directors approved Amended and Restated By-Laws of KB Home, effective immediately, revising provisions in Section 2.10 to narrow the range of information required as to certain related parties and certain other persons in connection with providing advance notice of stockholder-nominated director candidates, and in Section 3.14 to clarify, consistent with a legal ruling invalidating prior language that did not expressly state, that Director Emeritus appointments are subject to the consent of the director being appointed. The foregoing description of the amendment to the Amended and Restated By-Laws is qualified in its entirety by reference to their full text, which is filed as Exhibit 3.2 to this Form 8-K and is hereby incorporated by reference.

07 Submission of Matters to a Vote of Security Holders

Item 5.07 Submission of Matters to a Vote of Security Holders. On April 18, 2024, KB Home held its 2024 Annual Meeting of Stockholders. The final results for each item submitted to a vote of security holders at the Annual Meeting are provided below. The rounded percentages displayed below for the election of directors are based on the total "For" and "Against" votes cast for each respective director nominee. The rounded percentages displayed below for the other items are based on the total number of shares of KB Home common stock that were present or represented, and entitled to vote on each respective item, at the 2024 Annual Meeting. 1. The vote on the nominees for election to the KB Home board of directors was as follows: Director For % Against % Abstentions Broker Non-Votes Jose M. Barra 71,152,875 99.6% 261,417 0.4% 28,663 4,284,674 Arthur R. Collins 67,796,739 94.9% 3,616,773 5.1% 29,443 4,284,674 Dorene C. Dominguez 69,003,990 96.6% 2,410,215 3.4% 28,750 4,284,674 Kevin P. Eltife 68,679,304 96.2% 2,730,849 3.8% 32,802 4,284,674 Dr. Stuart A. Gabriel 71,147,047 99.6% 268,939 0.4% 26,969 4,284,674 Dr. Thomas W. Gilligan 68,019,454 95.2% 3,395,280 4.8% 28,221 4,284,674 Jodeen A. Kozlak 69,652,428 97.5% 1,758,855 2.5% 31,672 4,284,674 Jeffrey T. Mezger 68,616,024 96.5% 2,519,216 3.5% 307,715 4,284,674 James C. Weaver 59,053,860 82.7% 12,360,999 17.3% 28,096 4,284,674 2. The non-binding advisory vote to approve named executive officer compensation was as follows: For % Against % Abstentions Broker Non-Votes 57,840,577 81.0% 13,148,062 18.4% 454,316 4,284,674 3. The vote to ratify Ernst & Young LLP's appointment as KB Home's independent registered public accounting firm for the fiscal year ending November 30, 2024 was as follows: For % Against % Abstentions Broker Non-Votes 73,628,333 97.2% 2,069,848 2.7% 29,448 N/A

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 3.2 Amended and Restated By-Laws of KB Home 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2 EXHIBIT INDEX Exhibit No. Description 3.2 Amended and Restated By-Laws of KB Home 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 24, 2024 KB Home By: /s/ William (Tony) Richelieu William (Tony) Richelieu Vice President, Corporate Secretary and Associate General Counsel 3